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Do You Have To Have A Mortgage To Buy A Home?
Buying a house is almost certainly the most expensive purchase you will ever have to make. Finding or saving the funds to buy your first home and get your foot on to the property ladder used to be almost impossible without taking out a mortgage to lend you the required funds.
Although most people still dont have access to the amount of cash you would need to buy a home, alternate options to the mortgage are starting to be explored. With the increased use of the internet to search for your new home, and the increased involvement of the buyer and seller of the house, direct communication between the two parties has never been better.
Buyers and sellers are now communicating together to see if they can reach a compromise for the exchange for the house which doesnt always include financial payment. These deals are becoming increasingly creative and can accommodate a whole host of requirements for either or both parties.
The most widely used alternative to the traditional mortgage is that of the seller mortgage. Most buyers, particularly first time buyers, require a substantial down payment towards the purchase of their new home. This is usually a percentage of the overall price and is 10% as standard. The cost of houses in the UK has risen hugely over the past decade and so this can be as much as 18,000 in some areas of the country for a small two bedroomed terraced house. Given that many buyers have to rent their current home, savings are not always easy to come by. Should they wish to buy a house from someone who has no outstanding mortgage to pay a seller mortgage agreement is a possibility.
The seller mortgage involves the original owner remortgaging the property and then setting up an amortized loan for the new buyer. This is a complicated loan but has been made much easier lately as it can be set up online and does not necessarily need an experienced and expensive accountant to work out the details.
About The Author
Mark Lambie is the founder of http://www.loan-source.co.uk a website providing homeowners with free secured loans quotes.
More Useful Resource and Updates on mortgage quotes bank loans refinancing home mortgage banks
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THE big four banks have all reduced their variable home loan rate by 80 basis points, passing on most of the Reserve Bank's full percentage point cut.
- Rate cut hits home (The Age)
The Wright family are among the beneficiaries of the Reserve Bank?s decision to slash interest rates.
- BofA in mortgage lender settlement (Financial Times)
Bank of America has agreed to settle multi-state claims of deceptive and predatory lending practices against Countrywide Financial , the mortgage lender, in a deal that could result in a cut of up to $8.4bn in interest rate and principal payments for homeowners.
- Big interest rate cut tipped (The West Australian)
Home borrowers are tipped to see the biggest rate cut in seven years on Tuesday as global financial market turmoil puts pressure on bank funding costs.
- Commonwealth cuts home loan rates (Daily Telegraph)
AUSTRALIA'S biggest mortgage lender Commonwealth Bank has reduced its standard variable home loan rate by 80 basis points to 8.53 per cent, passing on most of the Reserve Bank's cut in the cash rate.
- Interest rate relief but not much (Adelaide Now)
HOME owners are likely to miss out on half the interest rate cut expected to be announced by the Reserve Bank today.
- Countrywide Settles Fraud Cases for $8.4 Billion (Update1) (Bloomberg)
Oct. 6 (Bloomberg) -- Countrywide Financial Corp. , the home mortgage lender acquired by Bank of America Corp. in July, will offer interest rate and loan principal reductions plus other distressed borrower relief valued at $8.4 billion to settle consumer fraud complaints from 11 states.
- Bank of America creates home retention program for Countrywide customers (Banking Business Review)
Bank of America has announced the creation of a proactive home retention program that will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principal reductions for nearly 400,000 Countrywide Financial customers across the US.
- TD Canada Trust hikes variable mortgage rates, lines of credit (Canadian Business)
TORONTO - One of Canada's biggest mortgage lenders, TD Canada Trust, is increasing the interest rate charged for its home equity line of credit and variable-interest mortgages.
- TD Canada Trust increases home equity line of credit and variable interest rate mortgage rates (CNW Group via Yahoo! Finance)
TD Canada Trust has increased its home equity line of credit and variable interest rate mortgage rates, effective October 7, 2008. While TD Canada Trust has endeavored to not pass on the increases in rates to its customers, this change reflects steadily increasing costs of funds in the current economic environment.
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